The Hindu Business Line : PVR plans Kolkata foray

The company is in talks with city-based Bengal Shelter Housing Development Ltd (BSHDL) to set up a six-screen multiplex in the upcoming Varnaparichay Mall in central Kolkata.

"We are in talks with PVR Cinemas to set up a six-screen multiplex in Barna Parichay mall. The deal is yet to be finalised," a Bengal Shelter official told Business Line.

If the deal goes through, PVR will have its first property in the city.

Kolkata currently has four multiplexes with 12 screens under the Inox, 89 Cinemas and Fame brands.

When contacted, Mr Amitabh Vardhan, COO of PVR Cinemas-Exhibition Division, said: "We have aggressive plans to enter the Kolkata market."

However, he refused to comment on a possible tie-up between PVR and Bengal Shelter.

"We are looking at various options but I cannot comment on any specific deal."

The Rs 107-crore PVR Ltd has nearly 80 screens across India in cities such as Mumbai, Delhi, Bangalore, Hyderabad, Gurgaon, Noida and Indore.

The company is aiming at 150 screens with an average investment of Rs 2.5 crore per screen by the end of this year, Mr Vardhan said.

The Barna Parichay Mall, where the proposed multiplex is planned, will come up in place of the College Street Market and will be jointly developed by BSHDL and Kolkata Municipal Corporation.

Designed by architect Mr Hafeez Contractor, the Rs 500-crore Barna Parichay will be India's first integrated book mall with an assembly of book shops, auction centre, bargain counter, book hospital, library-cum-reading room and a translation point.

With parking space for nearly 870 cars, the mall will also have a food court, cafeteria, music shop and conference hall.

It is expected to commence commercial operations in 30-36 months, the official said.

On the BSE on Thursday, the PVR scrip closed at Rs 202.00, down by Rs 1.15 or 0.57 per cent.

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